Floki Inu (FLOKI) has soared by 25% in the past 24 hours, reaching the top 100 cryptocurrencies by market cap. The launch of TokenFi, a tokenization platform powered by FLOKI, has increased the demand and utility of the meme coin. Will FLOKI continue its bullish trend or face a correction?
Floki Inu (FLOKI) is one of the best-performing cryptocurrencies today, as it has risen by 25% in the past 24 hours, reaching a high of $0.00003824.
This impressive rally comes as the wider crypto market falls by 1.5% today, showing the strength and resilience of the meme coin.
FLOKI has now increased by a remarkable 100% in a week and by 143% in a month, with its recent performance enabling it to enter the top 100 cryptocurrencies by market cap.
It currently ranks at #97, with a market cap of over $300 million.
The main catalyst for FLOKI’s surge is the launch of TokenFi, a tokenization platform powered by FLOKI.
The project aims to enable the tokenization of both crypto and real-world assets, creating new markets and use cases for FLOKI and its native TOKEN coin.
TokenFi: A Game-Changer for FLOKI
TokenFi is a platform that allows users to create, buy, sell, and trade tokens that represent any asset, such as stocks, commodities, real estate, art, and more.
The platform will operate on both Ethereum and Binance Smart Chain networks, with a total supply of 10 billion TOKEN coins split evenly between them.
TOKEN will be the utility token of the TokenFi ecosystem, serving as a medium of exchange, governance, and reward.
Users will be able to stake their FLOKI tokens to earn TOKEN tokens over a four-year period. This will create more demand and utility for FLOKI, as well as incentivize its holders to support the TokenFi platform.
TokenFi launched its TOKEN coin yesterday at 3 P.M. UTC on Uniswap and PancakeSwap. There was no presale, private sale, or fundraising for the token launch.
The initial circulating market cap for each chain was $25,000, leading to a combined initial circulating market cap of $50,000 and a fully diluted market cap of $500,000.
TokenFi has already partnered with DWF Labs, a leading blockchain development company that received nearly 16 billion FLOKI tokens at the end of September.
DWF Labs will help TokenFi develop its products and services, as well as secure institutional partnerships in the tokenization industry.
FLOKI Price Analysis: Bullish Momentum Continues
FLOKI’s price has broken out in the past few days as a result of the positive TokenFi news.
Its indicators reflect its performance, with its relative strength index (RSI) remaining above 80 after surging earlier this week. This indicates some very strong momentum, even if an RSI above 80 would suggest that an asset is overbought.
However, FLOKI’s 30-day average (yellow) tells a slightly different story in that it still hasn’t climbed over its 200-day average (blue) yet.
And given that there’s still plenty of space between the two averages, this would suggest that the altcoin could rise further before correcting.
Also supporting this positive view is the coin’s 24-hour trading volume, which has jumped from just over $6 million a month ago to $300 million today.
This signals a massive growth in interest in FLOKI, with whales likely making up a big portion of this increase.
FLOKI is currently facing resistance at the $0.00003500 level, which is also the upper boundary of a supply zone that extends from $0.00003235 to $0.000035007.
If FLOKI can break above this level decisively, it could target the next resistance at $0.00004000, which is also its all-time high achieved on November 4th last year.
On the downside, FLOKI has support at the $0.00003000 level, which is also the lower boundary of a demand zone that extends from $0.00003000 to $0.000032357.
If FLOKI breaks below this level and closes below it on a daily basis, it could trigger a deeper correction towards the next support at $0.00002500, which is also the 50-day moving average (red).
FLOKI Price Prediction: What’s Next for the Meme Coin?
FLOKI has shown remarkable resilience and strength in the past few days, outperforming the broader crypto market and most of its meme coin peers. The launch of TokenFi has boosted its adoption and utility, as well as its reputation as a serious project with a long-term vision.
However, FLOKI is not immune to market volatility and risks, and it could face some challenges and obstacles along the way.
Some of these include:
- Regulatory uncertainty and scrutiny, especially in relation to tokenization and securities laws.
- Competition from other meme coins and tokenization platforms, such as Shiba Inu (SHIB), Dogecoin (DOGE), and Pepe Coin (PEPE).
- Technical issues and bugs, such as network congestion, smart contract vulnerabilities, and hacking attacks.
FLOKI is a highly speculative and volatile asset, and it could experience significant price fluctuations in both directions. Nonetheless, FLOKI has a loyal and passionate community behind it, which could help it overcome any challenges and achieve its goals.
FLOKI also has a lot of potential and room for growth, as it aims to capitalize on the tokenization industry, which is projected to hit $16 trillion by 2030.
With that in mind, FLOKI could continue its bullish trend in the near future as long as it maintains its momentum and breaks above the key resistance levels.
If FLOKI can reach new highs, it could attract more attention and adoption from the crypto market and beyond.
Disclaimer: The analysis provided is based on current market conditions and aims to provide objective insights into possible price movements. It is important to conduct further research and analysis before making any investment decisions. Coinscreed and its affiliates are not liable for any damage or loss.
